Tina Schmidt was indicted Thursday on federal charges, and other officials from Bear Creek Capital could be charged in the case.

Investigators said Schmidt diverted money from the Sycamore Township development to pay off debts and benefit others.

According to court documents, the developer asked Bank of America for a multimillion-dollar loan in 2007, and the bank ultimately lent them $94 million.

The bank placed conditions on the way the developer could use those funds, which were dispersed over a period of time, rather than all at once.

The developer was required to provide truthful and accurate information to the bank about the status of the project and the way each payment dispersal would be spent.

Work on the project effectively stopped by late 2008, and the developer stopped paying subcontractors. The project collapsed financially and remains uncompleted.

According to court documents, Schmidt and others used money borrowed from the bank to fund other real estate projects and to enrich themselves, rather than pay subcontractors for work on Kenwood Towne Place.

Investigators said Schmidt intentionally provided false information to the bank about the project's status and the amount owed to subcontractors.

Even after work stopped when subcontractors weren't paid, investigators said Schmidt and others sought additional payments from the Bank of America loan.